v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

15. Segment Reporting

The Company has two reportable segments: Diversified and Hospitality. For a description of the types of products and services from which these reportable segments derive their revenues, see Note 1. The accounting policies of both segments are the same as those described in the Summary of Significant Accounting Policies. The chief operating decision maker primarily assesses performance for the segments and decides how to allocate resources based on segment net income (loss). The measures of segment assets are based on each segment’s total assets. The chief operating decision maker uses segment net income (loss) to evaluate profitability in deciding whether to reinvest profits into new or existing investments or into other parts of the entity, such as for dividend amounts. The Company’s two reportable segments serve different strategic purposes. The Diversified segment primarily consists of activities focused on investing in various commercial real estate property types and across the capital structure, including but not limited to equity, mortgage debt, mezzanine debt and preferred equity. The majority of the Diversified segment's revenue is comprised of rental income, dividend income, and interest income. The Hospitality segment is focused on operating and renovating its U.S. located hospitality assets that meet its investment objective and criteria. The majority of the Hospitality segment's revenue is comprised of revenue from renting rooms and selling food and beverages. Therefore, the Company has identified Diversified and Hospitality as the two operating segments and the two reportable segments. The Company’s chief operating decision maker is the president of the Company.

 

The following table presents the reportable segment measures of profitability, along with significant segment expenses (in thousands):

 

 

 

For the Six Months Ended June 30, 2026

 

 

For the Six Months Ended June 30, 2025

 

 

 

Diversified

 

 

Hospitality

 

 

Total

 

 

Diversified

 

 

Hospitality

 

 

Total

 

Total Revenues

 

$

28,080

 

 

$

14,132

 

 

$

42,212

 

 

$

31,191

 

 

$

18,917

 

 

 

50,108

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expense

 

 

3,009

 

 

 

7,250

 

 

 

10,259

 

 

 

3,090

 

 

 

9,394

 

 

 

12,484

 

Property management fees

 

 

424

 

 

 

370

 

 

 

794

 

 

 

363

 

 

 

543

 

 

 

906

 

Real estate taxes and insurance

 

 

2,166

 

 

 

896

 

 

 

3,062

 

 

 

2,375

 

 

 

1,039

 

 

 

3,414

 

Advisory and administrative fees

 

 

6,028

 

 

 

—

 

 

 

6,028

 

 

 

6,764

 

 

 

3,898

 

 

 

10,662

 

Property general and administrative expenses

 

 

1,291

 

 

 

1,846

 

 

 

3,137

 

 

 

1,147

 

 

 

2,460

 

 

 

3,607

 

Corporate general and administrative expenses

 

 

5,575

 

 

 

575

 

 

 

6,150

 

 

 

5,577

 

 

 

(1,630

)

 

 

3,947

 

Depreciation and amortization

 

 

5,363

 

 

 

1,850

 

 

 

7,213

 

 

 

5,721

 

 

 

2,216

 

 

 

7,937

 

Impairment loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,752

 

 

 

1,752

 

Interest expense

 

 

6,406

 

 

 

4,594

 

 

 

11,000

 

 

 

7,513

 

 

 

6,400

 

 

 

13,913

 

Equity in losses of unconsolidated equity method ventures

 

 

873

 

 

 

—

 

 

 

873

 

 

 

167

 

 

 

—

 

 

 

167

 

Change in unrealized losses from non-real estate investments

 

 

8,793

 

 

 

—

 

 

 

8,793

 

 

 

74,959

 

 

 

—

 

 

 

74,959

 

Loss (gain) on extinguishment of debt and modification costs

 

 

210

 

 

 

—

 

 

 

210

 

 

 

—

 

 

 

—

 

 

 

—

 

Realized losses from non-real estate investments

 

 

(145

)

 

 

—

 

 

 

(145

)

 

 

(4,981

)

 

 

—

 

 

 

(4,981

)

Loss (gain) on sales of real estate

 

 

—

 

 

 

2,784

 

 

 

2,784

 

 

 

—

 

 

 

(37

)

 

 

(37

)

Income tax expense

 

 

1,094

 

 

 

189

 

 

 

1,283

 

 

 

484

 

 

 

88

 

 

 

572

 

Net loss

 

$

(13,007

)

 

$

(6,222

)

 

$

(19,229

)

 

$

(71,988

)

 

$

(7,206

)

 

$

(79,194

)

 

The following table presents total assets for the reportable segments (in thousands):

 

 

 

As of June 30, 2026

 

 

As of December 31, 2025

 

 

 

Diversified

 

 

Hospitality

 

 

Total

 

 

Diversified

 

 

Hospitality

 

 

Total

 

Total assets

 

$

923,262

 

 

$

115,907

 

 

$

1,039,169

 

 

$

928,231

 

 

$

146,421

 

 

$

1,074,652